1726.08
Board of directors.

The board of directors of a corporation incorporated under
Chapter 1726. of the Revised Code shall be of such number in multiples of three
as shall be determined in the first instance by the incorporators and
thereafter by the shareholders and shall be elected in the first instance by
the incorporators, and thereafter at each annual meeting of the corporation,
or, if no annual meeting is held in any year at the time fixed by the bylaws,
at a special meeting held in lieu thereof, the members of the corporation shall
elect two-thirds of the board of directors and the shareholders shall elect the
remaining directors. The directors shall hold office until the next annual
meeting of the corporation or special meeting held in lieu of the annual
meeting after their election, and until their successors are elected and
qualified unless sooner removed in accordance with the provisions of the
bylaws.

Any vacancy in the office of a director elected by the members
shall be filled by the directors elected by the members, and any vacancy in the
office of a director elected by the shareholders shall be filled by the
directors elected by the shareholders.